Stocks Higher on Better Global Growth Forecasts; Bank of America Spurs Rise in Financials

Summary: Markets closed higher after the World Bank lifted its global growth forecasts and Bank of America's profit triggered a rally in financial shares. The World Bank raised its global growth forecasts as a recovery in developed economies offsets the impact of tighter monetary conditions on developing markets. The forecast for the richest nations was raised to 2.2 percent from 2 percent. Financial Markets closed higher after the World Bank lifted its global growth forecasts and Bank of America's profit triggered a rally in financial shares. The World Bank raised its global growth forecasts as a recovery in developed economies offsets the impact of tighter monetary conditions on developing markets. The forecast for the richest nations was raised to 2.2 percent from 2 percent. Financial shares are in focus this week as many major banks - some seen as bellwethers for economic health - post their results. Jane Searle reports.